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Prospect News home > News index > List of issuers M > Headlines for Mastro’s Restaurants, LLC > News item |
S&P cuts Mastro's outlook to negative
Standard & Poor's said it revised its outlook on Mastro's Restaurants LLC to negative from stable.
At the same time, the agency said it affirmed the ratings, including the B- corporate credit rating, on the company.
S&P noted that the outlook revision reflects Mastro's weaker-than-expected operating performance and our belief that prolonged economic weakness will hinder material improvement in the company's profitability, adding that this could lead to higher leverage and declining liquidity.
The agency said that the ratings on Mastro's reflect the risks associated with its participation in the highly competitive restaurant industry, small revenue and EBITDA base, lack of geographic diversity and narrow food focus, as well as its highly leveraged capital structure and weak cash flow protection measures.
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